Malaysia Morning News For October 10

Malaysia may introduce new taxes, sell assets to pay debt: PM Mahathir
Malaysia may introduce new taxes and sell assets such as land to pay down debt, Prime Minister Mahathir Mohamad said on Tuesday (Oct 9), as his administration struggles with liabilities of around RM1 trillion (US$240.67 billion).
— Channel NewsAsia

Two proposals, so far, on the third national car project
Two automotive industry players have submitted proposals on the third national car project so far, the Malaysia Automotive Institute (MAI) said.
— The Star Online

Malaysia plans new taxes to help pay off snowballing debt
Malaysian Finance Minister Lim Guan Eng said Tuesday the government plans to new tax measures to help raise funds to pay off national debts that have snowballed due to corruption under the previous government.
— Bangkok Post

Malaysia’s finance minister says ‘foolish’ to stick to earlier fiscal goals
Malaysia’s Finance Minister Lim Guan Eng said on Tuesday (Oct 9) that maintaining earlier fiscal targets would be “foolish”, as the government struggles with liabilities of around RM1 trillion (US$240.67 billion).
— Channel NewsAsia

Malaysian products to enter China’s wholesale mart
Malaysia Buyer Service Centre has been set up in Yiwu, China for Malaysian companies to be part of the world’s largest wholesale market.
— New Straits Times

Malaysian PM to visit Thailand
Malaysian Prime Minister Mahathir Mohamad will visit Thailand and meet Prime Minister Prayut Chan-o-cha and Privy Council president Prem Tinasulanond late this month.
— Bangkok Post

20,000 job losses and lawsuits from MRT2 tunneling works termination
The Finance Ministry’s move to terminate MMC-Gamuda KVMRT (T) Sdn Bhd’s contract to build the underground portion of the Mass Rapid Transit Line 2 (MRT2) will result in over 20,000 job losses from a supply chain of over 600 Malaysian companies.
— New Straits Times

Malaysia’s GDP to remain on growth path into 2019
Malaysia’s gross domestic product (GDP) will remain on a growth path into 2019, supported by its diversified economy and nature of exports, said Bank Negara Malaysia Governor Datuk Nor Shamsiah Yunus.
— The Star Online

Higher property stamp duty on foreigners proposed to increase govt coffers
Maybank Kim Eng Research senior economist Chua Hak Bin suggests the government impose higher property stamp duty on foreigners in the upcoming Budget 2019.
— The Sun Daily

Analysts lower growth rate as Malaysia sees lowest trade surplus in 45 months
A sharp slowdown in Malaysia’s exports relative to its imports in August led to a narrow trade surplus balance to RM1.6 billion – the lowest surplus seen since October 2014.
— The Borneo Post

MGA advocates expanded role for natural gas
In support of the government’s efforts to achieve Malaysia’s COP21 targets, the Malaysian Gas Association (MGA) is advocating for the expanded use of natural gas, a clean, efficient and cost-effective fuel, to reduce the country’s carbon emissions and drive social, environmental and economic progress.
— The Borneo Post

Chilean tourists appeal death penalty charge
Defence lawyers for two Chilean tourists facing the death penalty in Malaysia for murder said today they are seeking a review of the charge, as the mother of one of the accused pleaded for prayers.
— Malay Mail

Malaysia’s Anwar Ibrahim champions private sector, ‘needs-based’ affirmative action ahead of crucial by-election test
The private sector is key to boosting Malaysia’s economy, believes democracy icon Anwar Ibrahim, and the politics of patronage that permeated Malaysian governance are coming to an end.
— South China Morning Post

Insights in store for Malaysia investors at the Post’s China Conference
Two-day event caters to rising global interest in China’s Southeast Asian footprint with speakers including Malaysia’s economic affairs minister Azmin Ali and former Hong Kong chief executive Leung Chun-ying.
— South China Morning Post

Malaysian business sentiment dips in Q4 2018
Business sentiments among Malaysian companies has dipped slightly in Q4 2018, according to Dun & Bradstreet (D&B) Malaysia’s Business Optimism Index (BOI) study.
— New Straits Times

Nestle to invest RM100mil in world’s largest Milo plant in Negri Sembilan
Nestle (Malaysia) Bhd will invest RM100mil from the proceeds of the RM155.3mil which it will receive from the sale of its chilled dairy and manufacturing business in the world’s largest Milo factory in Chembong, Negri Sembilan.
— The Star Online

11 candidates shortlisted for FGV CEO post
Eleven candidates are in the running for the FGV Holdings Bhd chief executive officer post, said FGV Holdings chairman Datuk Wira Azhar Abdul Hamid.
— New Straits Times

Dept: Set up panel to monitor house prices
The Valuation and Property Services Department (JPPH) has proposed to form a committee to monitor house prices.
— The Sun Daily

Pestech bags RM75mil rail job
A consortium, in which Pestech International Bhd is a partner, has secured the signalling systems contract for the Gemas-Johor Baru electrified double track project.
— The Star Online

PLS Plantations to cash in on the king of fruits
PLS Plantations Bhd’s unit, Brighthill Synergy Sdn Bhd is venturing into durian businesses by taking a majority stake of 70% in Dulai Fruits Enterprise Sdn Bhd for RM21 million, to be paid with new shares in PLS and a cash payment of RM3 million.
— The Sun Daily

Malaysia investigates immigration officer who allegedly tore Singaporean man’s passport
An investigation is ongoing against an officer from the Malaysian Immigration Department in Johor who allegedly tore the passport of a Singaporean man and denied him entry into Malaysia.
— Channel NewsAsia

Malaysia must keep up with digital tech, says minister
Malaysia risks losing its competitiveness if the country lags behind in adopting digital technologies for both the government and industrial sectors, said Communications and Multimedia Minister Gobind Singh Deo.
— Malay Mail

Feature photo Pos Malaysia Berhad

This week’s Malaysia morning news feature photo acknowledges World Post Day, October 9.

Find our previous morning news feature photos in the AEC News Today Morning News Feature Photos gallery where you will find a pictorial display of daily life throughout the Asean Economic Community (AEC).

Malaysia morning news by AEC News Today is your one stop source for Malaysia news on matters of governance and policies affecting Asean business communities. It is published M-F by AEC News Today: Governance, not government; policies not politics.